Binance, major cryptocurrency exchange, is phasing out derivatives in Europe.

Points to Remember

  • Users in Germany, Italy, and the Netherlands will no longer be able to establish new futures or derivatives products accounts, according to a statement on the exchange's website.
  • Users from these countries will have 90 days from a later date to close their open positions, according to Binance.
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Binance is phasing out derivatives in Europe.

Binance, a major cryptocurrency exchange, announced on Friday that it would stop trading futures and derivatives products in Europe, citing extraordinary regulatory pressure.

Users in Germany, Italy, and the Netherlands will no longer be able to establish new futures or derivatives products accounts, according to a statement on the exchange's website.

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Users from these countries will have 90 days from a later date to close their open positions, according to Binance.

The decision comes as financial officials from all over the world, including the United Kingdom, Germany, Hong Kong, and Italy, are increasing their pressure on Binance.

Binance announced on Monday that it would no longer allow cryptocurrency margin trading in the Australian dollar, euro, or pound sterling as a result of the extraordinary crackdown.

After regulators tightened down on the cryptocurrency exchange platform's "stock tokens" sales, the exchange announced earlier this month that it would no longer trade digital tokens tied to shares.

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